This week in data – 4 October: Each week, we compile the best stories in data. Get up to speed on this week in data without having to search for it.
Open banking will tear banks apart
Not literally! But in every way that matters. As the ABC points out, as open banking approaches in Australia, banks are increasingly coming under threat from emerging new players who can offer the same services for lower fees. They use a key example: for a long time, Aussie banks have used long-term customers to shore themselves up against discounts for new entrants.
With open banking on the horizon? All bets are off.
“The threat to earnings comes hard on the heels of the damning report into bank misconduct by the Hayne Royal Commission, which called for an immediate end to the rapacious behaviour rampant throughout the sector.”
Early testing begins on Aussie data consumer right
A while ago we talked about the 10 companies the Aussie competition regulator has chosen to test the new consumer data register, part of the country’s new Consumer Data Right that lets users move their data between products.
The SMH talks to some of these companies and wouldn’t you know it, these start-ups are pretty excited. In a country where banking power is concentrated in four providers…wouldn’t you be, too?
“The transaction account is probably the hardest to move provider for. It creates inertia where people just stay with their provider. But this will allow us to very, very quickly set up an account for someone to get started.”
Waze finally integrates with Google Cloud
Waze, the navigation app owned by Google, will now fully integrate with an online system that will let multiple corporate and government partners including Brazil, Spain, and the New York Police Department, access its information. Until now, these partners have had to build their own tools to access Waze data. Not anymore!
“The integration with Google Cloud will make it easy to view Waze for Cities Data and layer in other transportation-related data sources to see the full picture of mobility trends in one place.”
The key to healthcare? Data sharing
Did you know that in high income countries, 50% of citizens suffer from chronic disease, and the other half are diagnosed with cancer at some point? Much of those diagnoses could be prevented by analyzing lifestyle factors – and early detection. Which is exactly why Technology Review calls on the health industry to develop new frameworks for sharing information – and looks to GDPR for inspiration.
“Technological solutions to the problem, such as blockchain, exist but they are not sufficient by themselves to build trust. New processes and institutional approaches are needed to allow sharing of highly sensitive data.”
Stay cool on encryption cracking fears
So the UK and USA are about to start a data-sharing deal that has some concerned. But Fortune cools the heat a little, saying that neither Facebook nor other tech companies have any intention of building “backdoors” governmental authorities. Makes sense – the use of encryption will grow as companies like Facebook want to wash their hands clean of any legal responsibility here.
“Services that apply solid, end-to-end encryption have nothing but useless gobbledygook (and subscriber information and metadata, sure) to turn over to authorities.”
That’s our wrap for this week. Thanks for reading – we hope you found it entertaining and informational. We’d love to hear your thoughts on these articles and anything else data related! Email us anytime at email@example.com!
Until next week,
Team Data Republic